Binance to halt services for Ontario residents

The cryptocurrency exchange Binance announced that it can no longer continue serving users in Ontario, Canada.

The company placed the region on a list of restricted jurisdictions, citing regulatory-compliance considerations.

The exchange advised Ontario-based users to close all active positions by December 31, 2021.

In March, the Ontario Securities Commission (OSC) said that firms trading digital assets must register as investment dealers.

In May, OSC filed a against the Poloniex cryptocurrency exchange. The regulator says the platform provided services for unregistered trading of stocks and derivatives.

In June, the Commission charged associated with the KuCoin cryptocurrency exchange companies with breaches of securities laws.

Binance received a warning from Japan’s Financial Services Agency (FSA) for operating in the country without a licence. It isn’t the first regulator notice for the exchange — in 2018 the FSA warned of the need to obtain a licence.

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